The global cable accessories market reached a value of more than US$ 46 Billion in 2018. Cable accessories are designed for connecting cables and insulating conductors from direct contact with the earth. They help in strengthening cables, enhancing their durability and protecting them from degradation as well as erosion caused by ultraviolet (UV) light, environmental stress and other mediums. This aids in providing a reliable service for longer operating life in underground and overhead installations. Owing to these benefits, cable accessories are widely utilized in establishing the transmission and distribution (T&D) networks for electricity, telephone and internet systems.
Owing to industrialization, rapid urbanization, rising global population and increasing utilization of consumer electronics, there is a significant rise in the consumption of power across the globe. This, along with the rising adoption rates of smart grid technology in various countries, is impelling the global cable accessories market growth. Apart from this, governments in numerous countries are focusing on upgrading the existing grid infrastructure by utilizing new transmission lines. They are also setting up several unconventional energy power plants on account of growing environmental consciousness. Furthermore, some of the leading manufacturers in the industry are significantly investing in research and development (R&D) activities to improve the quality of cable accessories and ensure longer service life. On account of these factors, IMARC Group expects the market value to reach US$ 64 Billion by 2024, at a CAGR of almost 5.5% during the forecast period (2019-2024).
Breakup by End User:
Breakup by Voltage:
Low voltage cable accessories currently exhibit a clear dominance in the market.
Breakup by Installation:
At present, overhead cable accessories account for the majority of the total market share.
Asia Pacific currently represents the largest market, on account of rapid urbanization and industrialization, along with the government initiatives undertaken in various countries.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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